If one or more non-cash gifts has a fair market value over $500,the taxpayer must:

A) Attach a written explanation to the Form 1040.
B) Complete Schedule D.
C) File Form 8283.
D) Attach a letter from the recipient organization.

Non-Cash Gifts

Items of value, other than money, given by one party to another, which can include property, stocks, or goods, and may be subject to tax regulations.

Fair Market Value

The price that an asset would sell for on the open market between willing and informed buyers and sellers.

Form 1040

The official form issued by the IRS that taxpayers fill out annually to report their earnings for the year.